Investing October 28, 2004
Mutual Funds Pick up 1.2% in September
October 28, 2004 (PLANSPONSOR.com) - The nation's
mutual funds pulled in $90.3 billion in assets for a 1.2%
asset increase in September.
Reported by Fred Schneyer
A news release from the Investment Company Institute (ICI) said the total asset figure was $7.55 trillion by the end of September, up from $7.46 trillion in August.
ICI data showed that stock funds enjoyed an inflow of $113 billion or 2.9% in September to $3.91 trillion, up from $3.80 trllion in August. The big September winner after stock funds was the hybrid fund category, which increased 1.9% to $478 billion
The biggest losers were taxable money funds, which were down 2.2% to $1.59 trillion. Meanwhile, tax-free money market funds shed 1.9% to $295 billion over the month.